Paradox of choice in a mandatory pension savings system : challenges for Australian retirement income policy
As the Australian pension system has become increasingly privatized and less regulated, decisions about the quantum and nature of pension investments have progressively shifted to pension fund members. This choice environment provides members with the ability to control their own pensions, but it also creates challenges for ensuring pension assets are managed in way that will maximize returns and, ultimately, retirement benefits. Government initiatives to address these challenges have principally focussed on disclosure and education and not on the more pervasive behavioural constraints that limit the effectiveness of the existing policy. We advocate policy solutions consistent with libertarian paternalism where the government provides a competitive choice environment, but actively intervenes to set suitable pension savings and investment defaults.
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|Item Type:||Journal Article|
|Keywords:||Retirement income, policy, Mandatory pension savings, Superannuation, Australia|
|Subjects:||Australian and New Zealand Standard Research Classification > STUDIES IN HUMAN SOCIETY (160000) > POLICY AND ADMINISTRATION (160500) > Public Policy (160510)|
|Divisions:||Current > QUT Faculties and Divisions > QUT Business School|
Current > Schools > School of Accountancy
|Copyright Owner:||Copyright 2005 Policy Press|
|Copyright Statement:||Reproduced in accordance with the copyright policy of the publisher.|
|Deposited On:||23 Aug 2006|
|Last Modified:||29 Feb 2012 23:21|
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